My son has found his first house to buy (sale price circa £160,000) in the Midlands. He has saved about 15% of this amount in a Nationwide Help to Buy ISA and before he started looking he had a 'mortgage offer in principal' from Nationwide Building Society' . He has been employed for two years in a permanent job and earns approx £36K pa.
He needs to start the process and apply for a mortgage.
Should he just go to Nationwide and book an appointment to apply for mortgage or should he see a 'Mortgage Broker' first.
Is he likely to get a better mortgage deal elsewhere or by looking on the internet.
JNC
Got a credit card? use our Credit Card & Finance Calculators
Thanks to Anonymous,bruncher,niord,gvonge,Shelford, for Donating to support the site
First Time Buyer
-
- Lemon Quarter
- Posts: 2890
- Joined: November 6th, 2016, 9:58 pm
- Has thanked: 1408 times
- Been thanked: 3838 times
Re: First Time Buyer
If I were him I'd have a look at what Nationwide were offering but then consult a mortgage broker to see if they could get a better deal.
There's some useful advice about using a broker here - https://www.moneysavingexpert.com/mortg ... s-cashback
There's some useful advice about using a broker here - https://www.moneysavingexpert.com/mortg ... s-cashback
-
- Lemon Slice
- Posts: 555
- Joined: November 10th, 2016, 10:04 am
- Has thanked: 65 times
- Been thanked: 158 times
Re: First Time Buyer
JNC3 wrote:Is he likely to get a better mortgage deal elsewhere or by looking on the internet.
JNC
He should use an internet comparison site to arm himself with knowledge before getting into the grip of Nationwide/other advisers/brokers etc. The estate agency will have a go at getting him to use their broker I expect. Nationwide's offers for the mortgage don't look anything special to me.
-
- Lemon Half
- Posts: 6385
- Joined: November 4th, 2016, 11:35 am
- Has thanked: 1882 times
- Been thanked: 2026 times
Re: First Time Buyer
JNC3 wrote:My son has found his first house to buy (sale price circa £160,000) in the Midlands. He has saved about 15% of this amount in a Nationwide Help to Buy ISA ...
JNC
Bit puzzled - how did he get £24k in a HTB ISA ?
I thought they started in late 2015 and were limited to £2,400 pa + £1k initial lump sum
-
- Lemon Slice
- Posts: 555
- Joined: November 10th, 2016, 10:04 am
- Has thanked: 65 times
- Been thanked: 158 times
Re: First Time Buyer
AleisterCrowley wrote: Bit puzzled - how did he get £24k in a HTB ISA ?
I thought they started in late 2015 and were limited to £2,400 pa + £1k initial lump sum
It's a Nationwide "Split" Help to Buy / Cash ISA. Only part of the £15k will count for the HtB bonus.
-
- Lemon Half
- Posts: 6385
- Joined: November 4th, 2016, 11:35 am
- Has thanked: 1882 times
- Been thanked: 2026 times
-
- The full Lemon
- Posts: 19256
- Joined: November 4th, 2016, 3:58 pm
- Has thanked: 650 times
- Been thanked: 6836 times
Re: First Time Buyer
Clitheroekid wrote:If I were him I'd have a look at what Nationwide were offering but then consult a mortgage broker to see if they could get a better deal.
Indeed. I was stunned with the mortgage deals my sons got when they applied via a broker. The older one got a loan of seven times annual income, and the younger one got a loan of six times annual income. And at decent rates too.
Now, we can debate what is a prudent multiple. But when starting out it's always a stretch. And the extra loan enabled them both to buy 4-bedroom places as a starter home, meaning that they could both rent out 3 bedrooms each, easily covering the extra mortgage cost. The younger one (28) is collecting two grand a month in rent, in London.
Who is online
Users browsing this forum: No registered users and 5 guests